Senior Actuarial Associate, Capital Modelling

Lloyd’s is the world’s leading insurance and reinsurance marketplace. We share the collective intelligence and risk sharing expertise of the market’s brightest minds, working together for a braver world. 

Our role is to inspire courage, so tomorrow’s progress isn’t limited by today’s risks.  

Our shared values: we are brave; we are stronger together; we do the right thing; guide what we do and how we act. If you share our values and our passion to build a future that’s more sustainable, resilient and inclusive, you’ll find a home at Lloyd’s – build a braver future with us. 

Lloyd’s is the world’s leading insurance and reinsurance marketplace. We share the collective intelligence and risk sharing expertise of the market’s brightest minds, working together for a braver world. 

Our role is to inspire courage, so tomorrow’s progress isn’t limited by today’s risks.  

Our shared values: we are brave; we are stronger together; we do the right thing; guide what we do and how we act. If you share our values and our passion to build a future that’s more sustainable, resilient and inclusive, you’ll find a home at Lloyd’s – build a braver future with us

Lloyd’s are seeking to recruit a Senior Actuarial Associate. The role is a capital modelling senior actuarial associate within the LIM team and is expected to involve work across all areas of capital modelling. You would be expected to assist and where appropriate manage parts of LIM, working with both experienced capital modelling actuaries and reviewing the work of junior analysts. As a member of the MRC team, you may also be expected to be involved in the wider team activities, including reserving and syndicate oversight.

Market Reserving & Capital (MRC) is the actuarial department in the Corporation and is responsible for market oversight as regards monitoring the adequacy of reserves and capital at syndicate level, and for the calculation of capital requirements for members and the Central Fund

Within MRC, the Lloyd’s Internal Model (LIM) team carries out all capital modelling tasks, including-Calculating the market wide and Central Fund capital requirements that drive Lloyd’s solvency-Ownership of the member capital diversification calculation-Supporting use of the capital model across the corporation, particularly for investment decisions As well as providing interesting and unique technical challenges, the role provides a perspective of the Lloyd’s market as a whole and insight into its challenges and opportunities from a commercial perspective

Principal Accountabilities

The work in the team covers a number of key areas. As a senior actuarial associate in capital modelling you would be expected to support and lead various aspects of the work undertaken by the team, these could comprise

Modelling Lloyd’s capital

Support the annual update of the LIM to produce the Lloyd’s capital requirement on a number of bases (over a one year and ultimate time horizon, sensitivities, with incremental changes for bridging analyses, etc)

Review and challenge LIM results, providing analysis of change between updates for specific areas

Support the LIM validation process

Support and promote LIM uses in the wider Lloyd’s business, e.g. for the purpose of monitoring risk appetites

Investigate differences between Lloyd’s view of syndicates and syndicates’ own view

Ad hoc analyses, e.g. in the wake of major loss events-Specification and testing of proposed model changes

Investigations relating to modelling of member capital, including

Support the annual update of the LIM to produce syndicate & member capital requirements on a number of bases (over a one year and ultimate time horizon, with incremental changes for bridging analyses, etc.

Adapting the LIM to syndicate specific issues, if necessary

Answering questions with respect to member’s capital requirements

Parameterisation

Support the annual re-parameterisation exercise by working with the parameterisation team, as required, to review updates to parameters and understand their impact.

Validate updates to the parameterisation in the light of model results

This covers all key risk areas – insurance risk, market risk, credit risk, operational risk as well as Lloyd’s specific central risks

Ensure ongoing compliance with Solvency II

Discuss Lloyd’s responses to PRA questions and issues-Produce additional analysis to support Lloyd’s responses, as required

Support governance around model change is being followed-Support timely completion of regulatory returns

Documentation

Support the regular update of the documentation of the LIM to ensure that it remains fit for purpose, useful and complies with regulatory requirements

Working with internal stakeholders as appropriate, potentially including

Lloyd’s Investment Risk Model (LIRM) and Lloyd’s Catastrophe Model (LCM) teams

Reserving and oversight teams, to ensure that member capital reflects latest position with regards to Technical Provisions

Risk Management (particularly the validation team) and other parts of the Corporation

Data team and IT, to ensure that requirements arising from developments are notified and specified in good time.

Skills and Knowledge

• Experience in non-life insurance work, preferably across a range of work areas (in particular capital modelling).
• Experience in managing project work to completion
• Knowledge of the actuarial techniques involved in non-life insurance
• Knowledge of various IT tools including Excel, Access, Word.
• Knowledge of / interest in programmatic approaches, including the use of VBA, R and capital modelling tool
• Take responsibility for projects being completed in the allocated time and prioritised accordingly.
• Able to work collaboratively within the team environment as well as alone.
• Clear and concise communication with management, colleagues, other departments and market representatives.
• Ability to answer queries in a timely and efficient manner, especially when under pressure.
• Keep up to date with industry news and developments.
• Identifies areas were work or processes could be improved, formulates improvements and proactively seeks ways of implementing these, including consideration of any wider implications of changes.
• A business focused outlook with the ability to solve complex problems and understand commercial implications of decisions

Diversity and inclusion are a focus for us – Lloyd’s aim is to build a diverse, inclusive environment that reflects the global markets we work in.  One where everyone is treated with dignity and respect to achieve their full potential. In practice, this means we are positive and inclusive about making workplace adjustments,?we offer regular health and wellbeing programmes, diversity and inclusion training, employee networks, mentoring and volunteering opportunities as well as investment into your professional development. You can read more about diversity and inclusion on our website. 

We understand that our work/life balance is important to us all and that a hybrid of working from the office and home can offer a great level of flexibility.? Flexible working forms part of a total reward approach which offers a host of other benefits over and above the standard offering (generous pension, healthcare, wellbeing etc).? These include financial support for training, education & development, a benefit allowance (to spend on our flexible benefits such as gym membership, dental insurance, extra holiday or to partake in our cycle to work scheme), employee recognition scheme and various employee discount schemes.  

By choosing Lloyd's, you'll be part of a team that brings together the best minds in the industry, and together with our underwriters and brokers, we create innovative, responsive solutions allowing us to share risk and solve complex problems. 

Should you require any additional support with your application, or any adjustments, please click the following link;

https://cleartalents.com/apply/lloyds-msa1645695881

Please note, clicking on this link does not register your application for the vacancy